The England and Wales Cricket Board (ECB) has announced that it intends to review its procedures for ensuring that, in future, all potential investors meet with its fit and proper person arrangements.

It follows widespread criticism of multi-million pound deals signed by the ECB with the American businessman, Sir Allen Stanford, who has recently been placed at the centre of an alleged US$8bn (£7.4bn) investment fraud. ECB chair Giles Clarke and chief executive David Collier met with culture secretary Andy Burnham and sports minister Gerry Sutcliffe on 10 March as part of attempts to work with the DCMS on the development of cricket over the next five years.

Clarke said that the ECB intends to work closely with the government on the framework of a new five-year plan following on from the Building Partnerships scheme, which has seen the creation of a £10m interest-free loan initiative for community clubs and rewards for counties providing players for England. He said: "We will engage closely with the DCMS on our plans for taking cricket forward, including the framework of our new five-year plan. This will include careful examination of the fit and proper person arrangements we set for those who wish to invest in cricket or have ownership interests in our counties.

"I also plan to discuss with the secretary of state suitable arrangements for securing independent verification and input into the next five-year plan and how his department can assist in the complex financial arrangements that may be needed in examining whether people and institutions are fit and proper to be involved." It coincides with a speech made by Andy Burnham, in which he told national governing bodies that there was room for improvement in the way they invest public money, while also warning that the 'dash for cash' has negative effects upon sports.